AGN Live Country Guides

Doing Business in United Kingdom

Published in July 2017

England, Scotland and Wales (Great Britain) together with Northern Ireland comprise the United Kingdom (UK).

The UK’s economy is the fifth largest economy in the world and the second largest in the European Union (EU). The country is a globally important influencer, being one of the five permanent members of the UN Security Council, a founding member of NATO and of the Commonwealth, and a member of the G7 and G20 economic forums. The country pursues a global approach to foreign policy. The UK held a referendum on its continued membership of the EU in June 2106, following which on 29 March 2017 it notified the European Council of its intention to withdraw.

The UK had an estimated 65.11 million people in 2016, with $2.79 trillion GDP (2016) and growth of 1.8%. The inflation rate is currently around 2.7% and nominal GDP per capita is $43,902 (2016 est.). The currency is the Great Britain Pound, GBP.

In 2015 the United Kingdom was the 9th largest export economy in the world and the 11th most complex economy according to the Economic Complexity Index (ECI). The top UK exports in 2015 were gold, cars, packaged medicines, gas turbines and refined petroleum.

The UK is the largest market in the world for U.S. service exports. Major categories of US exports to the UK are aerospace products, agricultural products, biomass, cyber security, medical equipment, new build civil nuclear, certain consumer goods such as pet products, smart grids, sustainable construction, travel and tourism. The proposed US-EU Transatlantic Trade and Investment Partnership (TTIP) has the potential to cut tariffs and address market barriers, thus creating additional opportunities for US-UK trade.

This portal incorporates live data feeds from:

The Organisation for Economic Cooperation and Development (OECD)
The World Bank
The observatory of Economic Complexity

The intention is to provide access to live information extracted from the regularly refreshed databases maintained by these organisations.

 

 

 

Use the navigation buttons below to access to more live data:
Inflation, Development indicators, Exports, Trade Balance, and more.

OECD Country Comparison Portal

The window below is a direct feed of regularly updated information from the OECD. It provides data concerning everything from GDP growth, fiscal balance, investment, and unemployment rates to consumption, import volume and export volume. The window allows comparisons between UK and other countries of the OECD average for these factors.

Inflation (CPI)

Total, Annual growth rate (%)

World Bank Development Indicators

Exports

This graph is taken from The Observatory of Economic Complexity (OEC). Products, represented by rectangles, are drawn from the 775 individual product classes found in the Standardized International Trade Code.

This graph shows volumes of goods exported from UK.

Imports

This graph is taken from The Observatory of Economic Complexity (OEC). Products, represented by rectangles, are drawn from the 775 individual product classes found in the Standardized International Trade Code.

This graph shows volumes of goods imported into UK.

Trade Balance

This graph is taken from The Observatory of Economic Complexity (OEC).

This graph illustrates the subsequent trade balance of exports and imports to and from UK.

Destinations

This graph is taken from The Observatory of Economic Complexity (OEC).

This graph shows the destinations of goods and services by country.

 

Business Opportunities in the UK:

NOWS THE TIME TO REVIEW YOUR FOREIGN CURRENCY LOAN     (July 2017)

Foreign Currency Loans became very popular a few years ago. Depending on the currency they potentially offered consumers and companies low interest rates, at attractive exchange rates. But recent experience has shown they can become a problem where they have been sold to consumers and small firms that may not be familiar with the potential pitfalls of such sudden changes in exchange rates. Many legacy loans are still active and still causing problems.

There are professional ways to hand foreign currency loans through Managed Currency Mortgages. A successful currency manager will move the borrower's debt into a currency which subsequently falls in value against the base currency.

For more information about how to hand foreign currency loans through Managed Currency Mortgages, contact an AGN member that can help you.


IRELAND OFFERS GREAT R&D TAX RELIEF     (March 2017)

The Knowledge Development Box in Ireland – 6.25% Corporate Tax Rate.    

The Knowledge Development Box (KDB) in Ireland provides for a 6.25% tax rate on profits derived from patented or other protected inventions and certain copyright software.

For more information about how to take advantage of this opportunity, contact the AGN firm best prepared to help you.


Air transport opportunity in Greece     (November 2016)

Calling businesses involved in airport and waterdrome operation and associated services, seaplane servicing, air tourism services, scheduled flights, charter operation and air freight.   

The Greek government is set to introduce a huge expansion in its air travel infrastructure through the development of a series of new Waterdromes in the Greek territory. The plan is for 60 new facilities by 2025 which will be served by a 20 seaplanes fleet. The estimated investment requirement is €43,83m.

For more information about how you or your client might take advantage of this opportunity contact the AGN firm best prepared to help you.


Tax Publications

The AGN Europe Taxation Task Force produces annual Tax Brochures. These contain tables that show the main aspects of a tax that are easily and quickly compared between the European Countries participating in the surveys. There is also a graph comparing the most important data, and an article with an overview of the European situation in 2016. These brochures are available in electronic format and have been designed so you can easily print them in-house if you prefer. Members and clients refer to the brochures as useful overview of key Tax data in Europe.

Corporate Tax 2016

European Countries Comparison


The 2016 corporate tax survey covers most European countries (including Israel, Turkey and Ukraine) and aims to calculate the effective corporate tax payable using a model profit and loss account for a standard trading company with pre-tax accounting profit of €930,000.00.  It also calculates the dividend receivable by shareholders of a company resident in a non-treaty (tax haven) country. Additionally, the percentage of accounting profit received as dividend is shown under different assumptions. 

read full publication
 
Gift & Inheritance 2016

European Countries Comparison


Inheritance and Gift taxes are often overlooked when deciding which jurisdiction to relocate to, so those individuals who do not want a considerable part of their savings to be left to the State must consider the impact of these taxes and any related tax planning opportunities that may arise. 

The objective of the survey was to compare levels of inheritance tax payable based on a married individual who died without a valid Will on January 1, 2016, leaving a surviving spouse and two children. The assets owned at death were: a house worth €600.000, cash of €1.000.000, quoted company shares valued at €300.000 and unquoted company shares valued at €700.000 (total asset value €2.600.000).

read full publication
 
Parent Companies 2017

European Countries Comparison


Parent companies are used to hold participation in group companies, to collect dividends and make capital gains from the sale of subsidiaries in the most tax efficient way. The objective of the survey of parent company jurisdictions is to compare and contrast the conditions for the exemption of dividends and capital gains and to try to identify the most useful and flexible jurisdiction to place the parent company. The tax calculations are based on a standard profit and loss account and balance sheet with subsidiaries in France, Germany, USA and Switzerland.

read full publication
 
Salaries & Social Security Tax 2016

European Countries Comparison


The objective of the survey is to establish how much of a self employed’s gross salary is left after income tax and social security charges. In addition, the survey considers what deductions the self employed person is allowed to make when calculating taxable profits. The survey is based on a married individual with two children, annual gross salary of €130,000, a new car costing €40,000, a new computer costing €2,000, travel expenses of €10,000 and other business expenses of €8,000, leaving a net turnover of €100,000.
read full publication
 

Self Employed Tax 2017

European Countries Comparison


The objective of the self employed survey is to establish how much of a self employed person’s gross salary is left after income tax and social security charges. In addition, the survey considers what deductions the self employed person is allowed to make when calculating taxable profits. The survey is based on a married individual with two children, annual gross turnover of €130,000, a new car costing €40,000, a new computer costing €2,000, travel expenses of €10,000 and other business expenses of €8,000 leaving net turnover of €100,000.
read full publication
 
VAT 2017

European Countries Comparison


Not only is it a condition of membership of the EU for all member states to have VAT but also for its main characteristics to be uniformly implemented. This should make cross border trading easy but in practice does not as there are numerous local variations which can lead to costly errors, penalties and high compliance costs.

The objective of the AGN Europe VAT survey is to collate data about the main characteristics of VAT as it is implemented in the European Region jurisdictions and to try to highlight the key differences between them. It also acts as the basis for the VAT Survey Brochure, which is a useful reference source in respect of some of the main components of the VAT system.
read full publication
 
Online tax surveys are also created every year which contain some additional data to the brochures; if you want to see the latest version of these, please contact Marlijn Lawson or click here.

AGN News in Europe:


June 2017

2017 EURM - another successful conference


The 2017 European Regional Meeting was held in Budapest, Hungary and featured many new sessions, networking, and idea sharing.

read full article to learn more
 


December 2016

A TAX International Becomes an AGN Member Firm


AGN welcomes A TAX International (ATI) into membership. Located in Ljubljana, Slovenia, the firm is focused on doing business internationally.

read full article to learn more
 

AGN Firms in the country


United Kingdom
Chiene + Tait LLP
61 Dublin Street
Edinburgh Scotland EH3 6NL
Phone: (+44) 13 1558 5800
EMail: jeremy.chittleburgh@chiene.co.uk
Contact Partner: Jeremy Chittleburgh
Chiene + Tait LLP
3rd Floor
126 West Regent Street
Glasgow Scotland G2 2RQ
Phone: (+44) 14 1222 5980
EMail: jeremy.chittleburgh@chiene.co.uk
Contact Partner: Jeremy Chittleburgh
Chiene + Tait LLP
Clark Thomson House
Fairways Business Park
Inverness Scotland IV2 6AA
Phone: (+44) 14 6322 7490
EMail: jeremy.chittleburgh@chiene.co.uk
Chiene + Tait LLP
15 Old Bailey
London EC4M 7EF
Phone: (+44) 20 3178 6825
EMail: carol.flockhart@chiene.co.uk
Dafferns LLP
One Eastwood
Coventry CV3 2UB
Phone: (+44 024) 7622 1046
EMail: Andy.Bewick@dafferns.com
Contact Partner: Andy Bewick
Dixon Wilson
22 Chancery Lane
London WC2A 1LS
Phone: (+44 20) 7680 8100
EMail: dwint@dixonwilson.co.uk
Hazlems Fenton
Palladium House
1-4 Argyll Street
London W1F 7LD
Phone: (+44 20)7437 76 66
EMail: russelltenzer@hazlemsfenton.com
Shipleys LLP
10 Orange Street
Haymarket
London WC2H 7DQ
Phone: (+44 20) 7312 0000
EMail: advice@shipleys.com
SHIPLEYS LLP - Godalming
3 Godalming Business Centre
Woolsack Way
Godalming GU7 1XW
Phone: (+44 1483) 423 607
EMail: godalming@shipleys.com